This is the fourth-largest one-day drop in the 13-year history of the Bloomberg Billionaires Index and the largest since the peak of the COVID-19 pandemic.
The fortunes of more than half of those tracked by the Bloomberg Wealth Index fell by an average of 3.3 percent, with billionaires in the United States suffering the most, led by Mark Zuckerberg of Meta Platforms Inc. and Jeff Bezos of Amazon.com Inc.
Carlos Slim, Mexico’s richest man, was among a small group of billionaires outside the United States who escaped the tariffs. Mexico’s Bolsa rose 0.5% after the country was removed from the White House’s list of reciprocal tariff targets, boosting Slim’s net worth by about 4% to $85.5 billion. The Middle East was the only region where those on the Bloomberg Wealth Index saw a net gain on the day.
Here are some of the biggest losers of the day:
Mark Zuckerberg
The founder of Meta suffered the biggest loss in dollar terms: a 9% drop in the social media company’s stock cost its CEO $17.9 billion, or about 9% of his wealth. Meta was a standout winner among the Magnificent Seven index of mega-cap tech stocks from the New Year through mid-February, riding nearly a month of consistent gains and adding more than $350 billion to its market value. But the stock has fallen about 28% since mid-February.
Jeff Bezos
Amazon shares fell 9% on Thursday, their biggest drop since April 2022, costing the tech giant's founder $15.9 billion in personal wealth. The company's shares are down more than 25% from their February peak.
Elon Musk
The Tesla CEO has lost $110 billion this year — including $11 billion on Thursday — as supply delays and his controversial role as Trump’s efficiency czar have battered the electric carmaker’s stock. Things got a boost earlier this week: Because Tesla makes most of its cars in the U.S., tariffs could affect the company less than they would its foreign counterparts. Its shares also rose on reports that Musk will soon step down from his government job to potentially focus on Tesla. But shares fell 5.5% on Thursday after the tariffs were announced.
Ernest Garcia
The CEO of Carvana Co. saw his fortune fall by $1.4 billion after the used car retailer's shares fell 20%. The company's shares were up more than 425% in the 12 months through Feb. 14, but have fallen 36% since then.
Bernard Arnault
The European Union is preparing for a new 20% tariff on all goods destined for the United States, which is expected to hurt exports of alcohol and luxury goods, among other things. Shares in Arnault's LVMH, the conglomerate that owns brands such as Christian Dior, Bulgari and Loro Piana, fell in Paris trading, cutting the fortune of Europe's richest man by $6 billion.
Source: Bloomberg
